German automotive parts maker Continental's preliminary results for the first quarter of 2024 have fallen short of market expectations.
Quarterly consolidated sales amounted to around €9.8 billion ($10.4 billion), compared to a projected €10 billion. Quarterly adjusted EBIT margin is expected to be around 2% rather than an expected 3.7%.
Despite the results of the first quarter, the company expects sufficient improvement potential in all group sectors and thus for the group as a whole. The company confirmed its guidance for fiscal 2024.
Looking ahead for fiscal 2024, Continental still anticipates consolidated sales of around €41 billion to €44 billion and an adjusted EBIT margin of around 6% to 7%.
The company noted that it will release quarterly statement for the first quarter of 2024 on May 8.